Casino News: Caribbean Government Helps BetOnSports

Caribbean government has announced that financial regulators of Antigua will help BetOnSports PLC to collect its debts for paying players and employees. BetOnSports PLC is a UK based online gambling company.

This company is really struggling at present moment. The Monday statement published by the company stated that it would compensate the debtors since the company has been unable to repay its customers. Cash-flow problem is considered to be the main reason.

BetOnSports director Clive Archer said that the company has been adversely affected by the 'slow return of funds owed to us and we hope that this process will give debtors the reassurance they need to swiftly pay.

The British company also made an announcement in the month of August to stop its operation in Costa Rica and Antigua following a US federal court order for the company to stop taking bets from USA and return deposits paid by American players. The company already accepted a huge amount of stakes from US based gamblers.

David Carruthers, former chief executive of BetOnSports was arrested at a Texas airport in the month of July. A 22-count indictment has been filed against him in St. Louis, Missouri. He was alleged of fraudulency and racketeering against the company.

Many online gaming companies based in Europe collapsed immediately after the imposition of the US law. World’s largest gambling company PartyGaming PLC, & BetOnSports were among such companies that suspended all real money gambling activities from American gamblers.